U.S. Durable Goods Orders Rebound 1.9%

Following a sharp drop in October, orders for U.S. durable goods rebounded 1.9% in November as transportation equipment orders surged, the Commerce Department said Dec. 22.

The rebound was better than most Wall Street analysts' forecasts that durable goods orders would rise 1.5% . Orders had plummeted 8.2% in October.

Transportation equipment orders rebounded 9.4% last month after dropping a hefty 21.3% in the prior month.

Excluding the volatile transport sector, durable goods orders in November were up 1.1%. Orders excluding the defense sector increased 0.6%. Orders for big-ticket "durable" items such as planes, cars and household appliances were up 7.6% on the year. Commercial aircraft orders meanwhile rose 7.2% in November, after falling 44.4% in October.

Military aircraft orders surged while automobile orders cooled. Orders for military aircraft soared 40% in November after spiking 25% in October, while automobile orders rose 0.2% in November after rising 1.7% in the prior month.